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This query is : Resolved 
 

(Querist)
14 November 2017

Respected Sir,
It is submitted that I have purchased a Built House in Punjab and settlement made in 34 lacs. I have applied the bank loan as I am govt. employee from SBI amounting to Rs. 30 lacs which will be paid by the bank to the seller. The remaining amount Rs. 4 lacs have been paid by me in cash or by cheque. The Bank has raise a query that the purchaser have to register the house for Rs. 34 lacs. I do not understand why the bank has raised query and the bank has passed the loan Rs. 30 lacs then the Registry amount Rs. 34 lacs. Please advise me in this matter.

It is also intimated that the seller has also raised a query that if he gets all loan amount he will have to pay tax on 34 lacs. Is it ok or not. please advise me.

Sunil Kumar


Rajendra K Goyal (Expert)
14 November 2017

Though this is not a legal query, related to procedure.

You said:
I do not understand why the bank has raised query and the bank has passed the loan Rs. 30 lacs then the Registry amount Rs. 34 lacs. Please advise me in this matter.
Reply:
Sale / purchase amount is the amount for which registration is done. Officially any amount paid by you which is not shown in sale deed is not sale amount. Bank sanction loan (75% to 90%) on the sale amount. If you do not show 34 lacs as sale amount and show less, your entitlement for loan would be worked out at lower level.

Rajendra K Goyal (Expert)
14 November 2017

You said:
It is also intimated that the seller has also raised a query that if he gets all loan amount he will have to pay tax on 34 lacs. Is it ok or not. please advise me.
Reply:
The seller has to pay tax on total capital gain.


Stand of Bank is justified, legal, correct, as per procedure.

kavksatyanarayana (Expert)
14 November 2017

I agreed with the advise of Mr.R.K.Goyal ji.



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